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Amendments to legislation toughening requirements to subsoil use came into force

Astana. November 5. Kazakhstan Today - The amendments on subsoil use, toughening requirements to the companies working in raw branches, came into force on Saturday, the agency reports referring to official mass media. According to the legislation of the Republic, the law will come into force from the moment of official publication. The text of the law is published in official mass media. In case of the actions of subsoil users at carrying out operations on subsoil use in the sites of the deposits that have strategic value, lead to essential change of economic interests of the Republic of Kazakhstan, creating threat to national safety, the competent body has the right to demand changes and (or) additions of conditions of contracts with the purpose of restoration of economic interests of the Republic of Kazakhstan," the text of the law published on Saturday in official mass media states. The law expands the list of the bases for cancellation of contracts on subsoil use and entitles the authority of the country to refuse unilaterally execution of the contract on subsoil use provided there is a threat to national safety of Kazakhstan due to actions of a subsoil user. The law attaches reverse force to the earlier concluded contracts on extraction or joined exploration and extraction of the deposits having strategic value. The amendments were signed by the President of Kazakhstan N. Nazarbayev on October 24, 2007.


Resourse: Kazakhstan Today







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